COGFA Releases State Fiscal Year 2020 Revenue EstimatesMarch 8, 2019 | Legislative briefs
On March 5, the Commission on Government Forecasting and Accountability (COGFA) released their FY 2020 Economic Forecast and Revenue Estimate and FY 2019 Revenue Update Report.
Utilizing current law and economic trends, COGFA provided an update for State Fiscal Year (SFY) 2019 and estimated SFY 2020 revenue figures. SFY 2019 revenue projections were lowered and total state revenues available would be $38.336 billion.
That number does not include that Local Government Distributive Fund (LGDF) revenues are estimated to be approximately $1.28 billion that would be distributed to local governments in SFY 2019.
Under current law, in SFY 2020, proration of LGDF revenues to cover state costs would end. In his SFY 2020 budget proposal, Governor JB Pritzker proposed to maintain only sending 95% of LGDF revenues to local governments. In SFY 2020, COGFA has estimated that the state would have $38.186 billion in revenues for a budget. LGDF revenues are estimated at $1.379 billion for SFY 2020 assuming no 5% proration. The cost to local governments, if the 5% proposed proration is enacted, would be approximately $69 million dollars.
IML opposes the reduction of LGDF revenues and will work to fully restore LGDF appropriations to 100%. IML will also urge the General Assembly to protect all sources of revenue sharing depended upon by local governments.
As always, IML staff will continue to monitor any prospective legislative developments and aggressively advocate on behalf of our membership. Should you have any questions, please contact our Legislative Department at (217) 525-1220 or IMLLegislation@iml.org. Thank you.
The IGFOA does not advocate on or for specific outcomes of legislation or other proposals. Accordingly, the IGFOA takes no position on information disseminated, neither encouraging or discouraging action, and leaving the decision on how to proceed with individual members.